Investing in real estate requires good negotiation skills. More often than not you will find yourself negotiating with buyers, homeowners, or real estate agents while dealing with any property investment scheme.
However, not every investor starts as a great negotiator, and most feel that negotiating isn’t their strength.
While starting my journey as an investor in real estate, I had the fortune of working with Gary Golon. He has over three decades of experience in constructing, managing, and selling commercial and residential property. Here are some real estate negotiation tactics I learned from Gary Golon.
1. Know What you Want to Get Out of It
Before you approach any property deal, think about what you want to get out of it. Once you know what you want to achieve from a deal, you are in a better position to negotiate.
2. Let them Speak First
The most common negotiation tactic is to let the other party speak first. This allows you to get a feel for how serious they are about the deal.
3. Have a Contingency Plan
Real estate negotiations can be extremely difficult if you don’t have a contingency plan. Whether buying a property for yourself or representing a buyer, having other offers down the pipe gives you the edge.
4. Always Negotiate Face-to-Face
It is always better to negotiate a property deal face-to-face. Most negotiation skills don’t translate well to text.
By negotiating face-to-face, you have a better chance to make a better offer based on the gestures and expressions of the other party.
5. Take Control of your Emotions
When investing in real estate, keeping control of your emotions is one of the most critical things to do. Take your time and discuss the deal with your agent or others whom you trust for input. Getting the opinion of other individuals, who are not emotionally attached to the property can help you get a more realistic view of things.
Gary Golon not only has experience in the real estate industry, but he is a professional with diverse expertise. He is an international buyer and broker of coal and petroleum products with over 35 years of experience. He understands all aspects of the industry, and his diverse expertise can help you achieve your goals.
